Azerbaijan, ADB discuss cooperation prospects

The current cooperation and the prospects for future cooperation between Azerbaijan and the Asian Development Bank (ADB) were discussed during a meeting between Azerbaijani Minister of Finance Samir Sharifov and Vice-President of the Asian Development Bank Wencai Zhang in Baku, the ministry said on June 9.

"The successful development of cooperation and the importance of jointly realized water, transportation, and other infrastructure projects was stressed," according to a statement.

Zhang visited Ganja city and Goychay region during his visit to Azerbaijan to review the process of implementation of ADB projects.

"Progress and development are observed in the regions of the country, as well as in Baku," Zhang added.

The issue of holding a meeting of the ADB Board of Governors in Baku in 2015 was discussed at the meeting.

"The preparatory work for the meeting is being conducted at a high level and in accordance with the schedule," Sharifov said.

Zhang expressed confidence in Baku holding the meeting, adding that Azerbaijan will once again prove a reliable partner of the ADB.

Azerbaijan has been a member of ADB since 1999.The active credit portfolio ADB in the country has reached $1.2 billion.

ADB was established in 1966 and has 67 members. The bank's headquarters is located in the capital of the Philippines, Manila. Azerbaijan joined ADB on December 22, 1999. The country's share in the bank's capital is 0.5 percent.

ADB's leading shareholders are Japan and the United States (31.2 percent of the total share capital), India and China (12.8 percent), Australia and South Korea and Canada (16 percent).